LAT reports bank exec fired for using Malibu mansion

This is what happens when you don’t let bank execs have those big bonuses.

The Los Angeles Times has a story about Wells Fargo firing an executive who the paper reported was squatting in a Malibu beachfront home. The bank had taken the home over from a couple hit by the Bernard Madoff Ponzi scheme.

Squatting in debt-ridden homes is on the rise, according to this story from the Merced Sun-Star. It even mentions organizations in Florida and Minnesota that act as squatters’ advocates.

Of course, I doubt the people those organizations help are using the homes to throw parties to which guests are ferried from a private yacht.